Passage 3
Most commercial letters of credit are documentary, meaning that certain documents must be in cluded www.100ksw.coma rgin requirements on future markets. Twww.100ksw.coments
B. presented www.100ksw.coment. Acceptances citing for instance:(a) lesser amount (b) payable at a different date are referr ed to as “unqualified acceptances” and www.100ksw.comer, good banking practice dictates that the signature mu st be checked against the mandate.
Strict control must be maintained over an accepted bill, www.100ksw.comand payment or acceptance. If the payment/acceptance is not forthcoming, the Norta ry Public www.100ksw.com of Protest.
76. Acceptance of bill of exchange is . A. a promise C. an order
B. a promise under some conditions D. a payment
77. www.100ksw.coming
B. collecting D. reimbursing
79. Protesting is expensive and must be done within one working day of . A. unacceptance C. payment
B. dishonor D. collection
80. A member of the bank staff can make a protest. A. formal C. normal
B. valid form D. formal and valid